St. Patrick's Day Will See More Americans Getting Stimulus Checks With Third Wave Set

With the coronavirus hardly easing, people from all around the world would need all the help they can get. And as far as the United States is concerned, some Americans may want to check their bank account on Wednesday, March 17.

According to the New York Post, the third wave of stimulus checks is expected to be released into bank accounts on Wednesday morning. The first waves have already taken place with some Americans already getting the $1,400 payments that the Internal Revenue Service started distributing last week per the National Automated Clearing House Association (Nacha).

It remains to be seen how much Americans can expect to see in their bank accounts on St. Patrick’s Day. There was also no mention of how many checks would be released. $90 million direct deposits amounting to $242 billion will be reportedly be transmitted on Wednesday, the Washington Post reported.

Aside from that, the IRS has also mailed about 150,000 checks with a payment date set for March 19.

The updated timeline on the distribution of the remaining checks has yet to be revealed by the tax agency with the Joe Biden administration vowing that they would reach the 100 million payments in the next 10 days.

With most in need of help, some have been left wondering it takes days before they can get their stimulus checks. A plausible explanation seen behind that is the machinery of financial systems. IRS sends payments through an Automated Clearing House system, an electronic network used to process financial transactions.

“This is literally the moment in time when the money will be transferred from the government to banks’ and credit unions’ settlement accounts at the Federal Reserve,” Nacha said in an official statement.

The part about making the funds available in banks is something that has drawn criticism. There are claims that the money is still in transit and hence not at the banks yet. Hence, there are other factors involved that have made some people left to wait until banks can properly disburse the said funds.